|Day's Range||1,239.4 - 1,242.9|
|52 Week Range||1,239.4000 - 1,242.9000|
Investing.com - This week precious metals traders will be focusing on Wednesday’s Federal Reserve monetary policy meeting for its impact on the U.S. dollar, which heavily influences gold’s performance.
This week’s price action will be fueled by the U.S. Federal Reserve’s interest rate and monetary policy decisions, the FOMC economic projections and the outcome of Fed Chair Jerome Powell’s press conference. Powell’s comments should move the gold market, but here’s where things get tricky.
Investing.com - It had to be one safe-haven or the other and the dollar triumphed at the expense of gold on Friday as signs of slowing growth in China sparked risk aversion across the globe.
Gold markets fell during the week, showing the $1250 level as resistance yet again. The 50 weekly EMA is just above, but at this point I think that thing to pay the most attention to is whether or not the US dollar rallies.
Gold markets pulled back a bit during the trading session on Friday, reaching down towards the 50 day EMA, an area that of course attract a lot of attention from a technical analysis point of view.
Gold prices continued to fall on Friday, as demand for the U.S. dollar rose after upbeat retail sales alleviated fears of a slowing economy. Comex gold futures for February delivery slumped 0.6% to $1,239.50 a troy ounce as of 10:36 AM ET (15:36 GMT). The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.55% to 97.59.
Gold prices moved lower on Friday as the dollar gained traction against the Euro. Stronger than expected US retail sales combined with a weaker than expected flash PMI reading in the EU lead to the headwinds experienced by gold.Technical Analysis
The S&P 500 fell 27 points or 1% as of 9:30 AM ET (14:30 GMT), while the Dow decreased 189 points, or 0.7%, and the tech-heavy Nasdaq Composite slipped 88 points, or 1.2%.
Investing.com – U.S. futures slumped on Friday, as investors worry about slowing economic growth in China and elsewhere.The S&P 500 futures fell 22 points or 0.86% to 2,622.62 as of 6:40 AM ET (11:40 GMT) while Dow futures slumped 210 points, or 0.85%, to 24,361. Meanwhile tech heavy Nasdaq 100 futures decreased 70 points, or 1%, to 6,682.Retail sales in China posted their weakest growth in 15 years, increasing worry about the world’s second largest economy as the country is impacted by trade disputes with the U.S. ...
Gold prices were lower on Friday, as the U.S. dollar rose in anticipation of a Federal Reserve rate hike next week. Comex gold futures for February delivery slumped 0.3% to $1,242.95 a troy ounce as of 4:51 AM ET (9:51 GMT). The Fed is expected to increase rates by 25 basis points at its next meeting on Wednesday, its fourth rate hike this year.
Besides the stronger U.S. Dollar, it’s hard to find another strong fundamental for this week’s weakness in the gold market. Some of the move may be technically related. Not only did the market post a technically bearish reversal top on Monday, but it also broke key trend line support earlier today.
The primary downside target zone at this time is $1236.70 to $1232.00. Since the main trend is up, we’re expecting to see buyers re-emerge on a test of this zone. The price action is expected to continue to be largely influenced by the direction of the U.S. Dollar. Other contributing factors to a further sell-off will be rising Treasury yields and increased demand for higher risk assets.
The gold prices initially pulled back slightly during the Thursday’s session only to find enough bullish pressure to turn around and continue moving higher. The gold prices need to break above the $1260 level in the short term, in order to maintain the bullish sentiment and which will eventually send the price towards the $1275 level. The silver market remained bullish during the yesterday’s session trying to reach towards the $15 level which is a large, round, psychologically significant level.
The Federal Open Market Committee (FOMC) will hold a two-day meeting on December 18-19. It is expected to raise its benchmark interest rate 25 basis points, however, the focus for investors will be on the number of rate hikes protected for next year. Expectations for further rate hikes in 2019 have tempered lately due to fears of weakening U.S. economic growth.
Investing.com - With just four trading sessions separating gold bugs from the most anticipated closing event of the year (the December Federal Reserve meeting) price swings have become almost non-existential in the yellow metal, with Thursday's 0.2% retreat again showing how muted things could get.
Gold prices edged lower on Thursday as import prices moved lower and jobless claims tumbled. The dollar was also mixed making it difficult to get a gauge on gold prices. As trade discussing with China continuing to improve the risk off trade which helped buoy gold prices is abating.Technical Analysis
Gold markets continue to look like they are trying to break out to the upside, but we are in an area of major resistance at the same time.
Investing.com – U.S. futures pointed to a mixed opening bell on Thursday as Chinese companies began buying American soybeans, boosting optimism that the two countries will reach a trade deal.The S&P 500 futures rose 2 points or 0.08% to 2,654.5 as of 6:40 AM ET (11:40 GMT) while Dow futures inched down 5 points, or 0.02%, to 24,561. Meanwhile tech heavy Nasdaq 100 futures increased 15 points, or 0.23%, to 6,784.5.The U.S. and China struck a trade truce earlier this month and have been in talks ever since, increasing hopes that the trade war between the two will soon be over. ...
EU markets were flat and mixed in early trading, both before and after the release of the ECB’s policy statement. In the US futures trading indicated a flat open for the major indices.
The tight price action suggests gold investors may be unwilling to take on new risk ahead of next week’s U.S. Federal Reserve meeting. The Fed is expected to raise interest rates at the December 18-19 meeting, but expectations for further hikes next year have tempered off late amid fears of slowing economic growth.
Investing.com - Gold could form a solid base at the $1,250 level amid the narrative of a Europe in trouble and a Federal Reserve likely to pause rate hikes.
Gold prices edged higher following the Labor Departments report on consumer prices. Gold prices broke out above resistance on Friday following a softer than expected employment report but has since ease and forming a bull flag continuation pattern.Technical Analysis